Maintaining accurate and organized bookkeeping is more important than ever. Your competitors are likely already doing it, and the only way to stay a step ahead in eCommerce is to put the best possible business practices and technologies to work for yourself. As an Amazon seller, you’re likely familiar with the complexities of managing individual transactions, tracking expenses, and staying compliant with local, state, national, and even international tax regulations. It can be a lot to manage on your own, which is why so many eCommerce businesses are turning to automated bookkeeping solutions like ConnectBooks.
But if you’re relatively new to Amazon bookkeeping or you simply want to know more before you try out a new bookkeeping tool, you likely have a lot of questions. For example, what is it about Amazon bookkeeping that’s so time-consuming? What are some ways to make bookkeeping for Amazon sellers easier? Finally, what is the best Amazon bookkeeping software on the market?
In today’s guide, we will answer all of these questions and more, so let’s get started!
There’s not just one single reason that Amazon bookkeeping and Amazon accounting can take so long to do on your own. Running an Amazon business is complex, and while Amazon’s selling platform tries to streamline as many processes as possible, it leaves a lot of the organizational work to you. While each Amazon seller’s situation is unique, here are a few of the most common reasons why your bookkeeping is taking up so much of your valuable time:
● Multiple Amazon Reports - A lot of Amazon sellers complain about the way Amazon reports information back to them. It’s not always easy to organize the data in a useful way, and digging through multiple reports that show overlapping data can get very confusing, very quickly.
● Complex Calculations – Even when you work with the help of QuickBooks or Xero, you’re going to have to do a lot of really complex calculations. Even putting one decimal point in the wrong place could completely throw off your books and force you to start over.
● Transaction Volume - If you move a lot of products on Amazon, bookkeeping is going to take a lot of time, with or without good bookkeeping software. There’s simply a lot of data to analyze, and you’ll need to review the numbers regularly to stay on top of the latest trends in your business.
● Inventory Management - Whether you’re doing bookkeeping for Amazon FBA or you’re handling inventory on your own, keeping it all organized is going to take away even more time from your busy schedule.
● Complex Fee Structure - Amazon doesn’t have the simplest fee structure, and with inadequate business reports, you’ll be forced to reconcile a lot of the fee data on your own.
● Return Management - Without some kind of automation tool, returns and refunds can make Amazon FBA bookkeeping a nightmare. It can be really hard to see how much you’re actually making when returns and refunds are not documented properly.
● Tax Compliance - Like most Amazon sellers, you probably sell products to people or businesses in multiple states or countries. This means that you’ll need to calculate your profits using a variety of ever-changing tax regulations.
● Currency Conversion - If you sell products in multiple countries, currency conversions will definitely eat into your free time. While Amazon will give you some basic conversion info in its reports, you may struggle to price your products with ever-changing currency values.
● Multiple Sales Channels - If you sell on Amazon, you may sell on other channels, too. Without quality bookkeeping software and an automation tool to organize all of the interwoven data, you’ll have a complete mess of sales and expense data on your hands.
● Bank Transaction Reconciliation - Are the numbers on Amazon not matching up with the numbers in your bank account? If so, you’re not alone. This is a common issue for Amazon sellers, and without the right tools to figure out the issue, you may have to do a lot of research to find the discrepancy.
● Poor Data Integration - Perhaps most importantly, Amazon does virtually nothing to help you integrate data into bookkeeping software. This means that you may have to spend hours each week doing manual data entry.
As you can see, there are many reasons why Amazon bookkeeping is eating into your time. Fortunately, there is a solution. With ConnectBooks, you can enhance your Amazon bookkeeping and spend way less time crunching the numbers.
If you’re already using good accounting software like QuickBooks or Xero, you’re on the right track. But if you really want to take your business to the next level and save hours on tedious bookkeeping tasks, you need to add ConnectBooks to your arsenal of eCommerce business tools.
Here are just a few of the ways that ConnectBooks can automate and enhance your Amazon bookkeeping:
● One-Click Data Reconciliation - With just the click of a button, you can reconcile all of the data from your Amazon seller account into your accounting software. No manual data entry is required.
● 100% Automation Accuracy - With automated tools, there’s always the concern that something will be put in the wrong place or numbers will be recorded incorrectly. With ConnectBooks, we guarantee 100% accuracy with every single data sync.
● Automatic Setup With QuickBooks and Xero - ConnectBooks is built to work seamlessly with popular accounting software like QuickBooks and Xero, so you won’t have to spend a lot of time setting anything up. We handle that part automatically.
● Auto-Mapping of Fees & Returns - Are you sick of trying to keep track of expenses, fees, and returns? ConnectBooks auto-maps these things so that you can see exactly how much Amazon fees, returns, and operating expenses are costing your business.
● Multi-Currency Support - Selling in multiple countries? Not an issue with ConnectBooks. Our tool automates the currency conversion process with the most up-to-date currency data.
● Automated Tax Compliance - Worried that you did your taxes wrong? With ConnectBooks, we handle all the complicated tax categorization using the data taken directly from Amazon.
Still not convinced that ConnectBooks is the solution for you? Here are a few ways that ConnectBooks goes beyond what standard accounting software can do and handles more complex Amazon bookkeeping tasks for you:
● Comprehensive Business Dashboard - ConnectBooks offers an organized overview of your entire eCommerce business, including figures from Amazon and any other selling channels you use.
● Auto-Adjusted Profits & Inventory - Need up-to-the-minute info on your profits and inventory? ConnectBooks offers that, too.
● Detailed Profit Reports - One of the best features of ConnectBooks is the plethora of detailed reports. Where Amazon falls short, ConnectBooks goes above and beyond.
● Stock Alerts & Reorder Forecasts - Lastly, ConnectBooks makes it easier to maximize your profits and inventory management with alerts for low inventory and reorder forecasts based on product sales history.
Are you ready to save time and money as an Amazon seller? Do you want to try out ConnectBooks without taking on any risk? If so, you can now check out ConnectBooks at absolutely no cost to you. Try our free trial today and see just how much ConnectBooks can do for your Amazon business!
Do you want to learn more about Amazon seller bookkeeping? If so, reach out to the experts at ConnectBooks today!
Running an e-commerce business comes with plenty of challenges, but ConnectBooks is here to make your life easier. With real-time insights, seamless integrations, and detailed tracking of your profitability and inventory, you can stay ahead of the game. Whether you’re selling on Amazon, Shopify, Walmart, TikTok or eBay, ConnectBooks helps you manage your finances with 100% accuracy and confidence, so you can focus on growing your business.
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